Fan Market to Reach $16.9 Billion. Globally, by 2031 at 4.3% CAGR: Allied Market Research

Allied Market Research published a report, titled, "Fan Market by Product Type (Ceiling Fan, Pedestal Fan, Table Fan, Exhaust Fan, Wall Fan, and Others), by End User (Residential and Light Commercial), by Distribution Channel (Multi Brand Store, Hypermarkets, Exclusive Store, and Online): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, The global fan market size was valued at $11.1 billion in 2021 and is projected to reach $16.9 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.

Prime Determinants of Growth

The global fan market is driven by factors like an increase in temperature and global climate change, the rise in popularity of smart and Wi-Fi-enabled fans, and an increase in both construction activities and the number of household appliances. On the other hand, a rise in energy consumption and an increase in electricity prices are expected to hinder the growth of the market. Nevertheless, the growing retail sector in developing countries such as India, China, Chile, Thailand, and other developing countries is expected to create more opportunities for fan manufacturers in the upcoming years.

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COVID-19 scenario-

The outbreak of COVID-19 posed multiple challenges for the Fan industry. Furthermore, in the severely affected countries, their retail & production activities were suspended. Strict lockdown policies and a certain degree of restrictions were applied with multiple time duration across several countries and regions.

The market was hindered by supply chain disruptions, low production volumes, and low demand combined. As a result of low export-import rates globally brought on by the closing of international borders, the fan industry's revenues were negatively impacted by the decline in import value.
However, the market has recovered, and production activities are gradually rebooting.

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The ceiling fan segment to maintain its leadership status throughout the forecast period

By product type, the ceiling fan segment held the highest market share in 2021, accounting for more than two-thirds of the global fan market and is estimated to maintain its leadership status throughout the forecast period. This is due to the fact that smart ceiling fans offer convenience and energy efficiency, which are important considerations for many consumers. By integrating with smart home technology, users can control the fan speed, direction, and lighting from their smartphone or voice commands, making it easy to adjust settings without getting up from their seats. However, the pedestal fan segment is projected to manifest the fastest CAGR of 5.9% from 2022 to 2031. Pedestal fans with noise-reducing features, such as bladeless designs and brushless motors, operate at low noise levels, making them ideal for use in bedrooms or living rooms. This allows consumers to enjoy the cooling benefits of a fan without being disturbed by excessive noise.

The residential segment to retain its dominance by 2031

By end user, the residential segment held the major share in 2021, generating more than two-thirds of the global fan market, and is estimated to maintain its dominance by 2031. The residential segment refers to the non-commercial use of the fan. Improving the lifestyle and standard of living of the people are the factors that boost the demand for household consumer durables. With the changing climatic conditions and the increase in the adoption of smart fan in the developing region is expected to propel the growth of the residential fan market in the upcoming year. Furthermore, the light commercial segment would showcase the fastest CAGR of 4.9% from 2022 to 2031.The increase in the number of commercial spaces in developing countries such as India, China, and Chile, among others, is expected to create more opportunities for manufacturers in the upcoming years.

Multi-brand store segment to rule the roost by 2031

By distribution channel, the multi-brand store segment accounted for more than one-third of the global fan market revenue in 2021 and is projected to rule the roost by 2031. This is attributed to the increasing popularity of fandoms and the demand for unique and high-quality merchandise. The market has become more diverse, with a variety of brands and products catering to different fan bases. The use of social media and influencer marketing has also become prevalent, with multi-brand stores partnering with popular social media influencers to promote their products and reach a wider audience. On the other hand, the online segment would portray the fastest CAGR of 5.5% through out the forecast period. Due to an increase in the penetration of various online portals in developing regions and a rise in the number of offers or discounts attract consumers to purchase products through online channels.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global fan market, and is estimated to maintain its dominance throughout the forecast period. Owing to the constantly expanding infrastructure and real estate sector, where electric fans are largely demanded. The surge in urbanization and the high standard of living of the people, especially in developing countries including India and China, are driving the growth of the fan market in the Asia-Pacific region. However, the LAMEA region would showcase the fastest CAGR of 4.6% throughout the forecast period. The rapidly expanding middle-class population along with the increase in demand for innovative and smart-connected fans from the emerging countries of Latin America and the Middle East is anticipated to contribute to the regional demand.

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Leading Market Players:

Ajanta Electricals
BroanNuTone, LLC
Crompton Greaves Consumer Electricals Limited
Emerson Electric Co.
Fanimation
Hunter Fan Company
Minka Lighting Inc
Panasonic Holdings Corporation
The Henley Fan Company
Westinghouse Electric Corporation.

The report analyzes these key players in the global fan market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Similar Reports We Have on Consumer Goods Industry:

• Portable Fan Market Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/portable-fan-market-A10169

• India Fan Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/india-fan-market-A107317

• Australia Fan Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/australia-fan-market-A107318

• LAMEA Fan Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/lamea-fan-market-A107322

• UAE Fan Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/uae-fan-market-A107327

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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